Oct 31st 2012
Grain Marketing Specialist
Corn as of 7:30- 3 higher
Corn market firmer yesterday on a weaker dollar and talk of rain delaying Argentina planting progress. We continue to watch for excessive rains impeding planting progress in South American fueling ideas of an acreage switch to soybeans. Still a little too early to buy into that completely as they do have plenty of time but is worth noting. Corn market remaining range bound between 7.32 and 7.76.
Soybeans as of 7:30- 5 higher
Ideas of Monday’s move lower being a little over done helped fuel yesterdays move but closing just 6 cents higher towards the bottom end of the range. Today is the Nov first notice day. We will continue to watch South American weather as the trade will balance the ideas of a potential large South American crop with tight domestics stocks here. I changed analysis to the Jan contract as we move into delivery on the Nov. Support at 14.84 and resistance at 15.77
Wheat as of 7:30- winter 5 higher, spring 5 higher
Not much new in the wheat market these days. Talk of Russian export bans seem to have little effect on the market as we continue to trade range bound. US wheat is becoming more competitive on the global market which should fundamentally be supportive moving forward.